African companies turning to Asia for business deals

African businesses increasingly prefer trading with China and other Asian partners over North America, citing favourable terms, competitive pricing and responsive suppliers, according to a survey by Standard Bank.

- By NDUMISO MLILO for CHINA DAILY

Following publication of the Africa Trade Barometer, Philip Myburgh, head of trade at Standard Bank's business and commercial banking unit, said the findings reflect a shift in the global trade preferences of African companies.

The survey covered more than 2,000 companies in 10 African countries, accounting for about 68 per cent of sub-Saharan Africa's GDP. The countries include South Africa, Kenya, Nambia, Nigeria and Tanzania.

According to the report, Asia emerged as the most preferred trading partner for 35 per cent of businesses surveyed, while China remained the leading source of inputs.

“The 2025 edition of the barometer shows that more African businesses prefer China and Asia more broadly as trading partners,” Myburgh said. “That is not a surprise as they cite competitive pricing, product variety and responsiveness from suppliers.”